|
|
|
MIRA INFORM REPORT
|
Report
No. : |
491602 |
|
Report
Date : |
15.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
SIDHARA
EXPORTS |
|
|
|
|
Registered Office : |
20/15
A, EaswaramurthyGounder Layout, 3rd Street, Karuvampalayam, Tirupur – 641604,
Tamilnadu |
|
Mobile No.: |
91-9842250052
(Mrs.R. Dhanalakshmi) |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2017 |
|
|
|
|
Year of Establishment : |
2003 |
|
|
|
|
Capital Investment / Paid-up Capital : |
INR
191.426 million |
|
|
|
|
IEC No.: |
3298023736 |
|
|
|
|
GSTIN: |
33AALFS8620H1Z2 |
|
|
|
|
TIN/CST No.: |
33442323630 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AALFS8620H |
|
|
|
|
Legal Form : |
Partnership
Concern with an unlimited liability of the partners |
|
|
|
|
Line of Business : |
Manufacturer of Garments such as men’s wear,
ladies wear, kids wear, shirts, t-shirts, skirts, shorts, pants and trousers,
ladies top, etc. (Confirmed by management) |
|
|
|
|
No. of Employees : |
700(Approximately)
(Including contractual workers) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s
Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
Status
: |
Satisfactory
|
|
|
|
|
Payment
Behaviour : |
Usually
correct |
|
|
|
|
Litigation
: |
Clear
|
|
|
|
|
Comments
: |
Sidhara
Exports is a manufacturer of garments. It is an established
partnership concern started in the year 2003 having satisfactory track
records. For the financial year ended 2017, revenue and
profit of the concern has slightly decline. However, rating takes into consideration
concern’s established track record of business operation along with adequate
capital base and low debt level. Rating strength is partially offset by intense
competition from organized and unorganized players in garment industry. Trade relations are reported as fair. Business is
active. Payment terms are seems to be usually correct In
view of aforesaid, the concern can be considered for business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com while quoting report
number, name and date.
ECGC Country Risk Classification List
|
Country
Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk
Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating
Agency Name |
Not
Available |
|
Rating |
Not
Available |
|
Rating
Explanation |
Not
Available |
|
Date |
Not
Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 15.02.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION PARTED BY
|
Name
: |
Mr.
Jai Arun U |
|
Designation
: |
Accounts
Department |
|
Contact
No.: |
91-9842270752 |
|
Date
: |
13.02.2018 |
LOCATIONS
|
Registered
Office : |
20/15 A, Easwaramoorthy Gounder Layout, 3rd Street, Karuvampalayam,
Tirupur – 641604, Tamilnadu, India |
|
Tel.
No.: |
Not
Available |
|
Mobile
No.: |
91-9842250052
(Mrs.R.Dhanalakshmi ) 91-9842270752
(Mr. Jai Arun U) |
|
Fax
No.: |
Not
Available |
|
E-Mail
: |
|
|
|
|
|
Factory
I : |
No.
11/06 A, Easwaramoorthy , GounderLayout, 1st
Street, Karuvampalayam, Tirupur – 641604, Tamilnadu, India |
|
|
|
|
Factory
II : |
No.
309, PMR Garden, Mangalam to Palladam Road, 63 Velampalayam, Tirupur –
641604, Tamilnadu, India |
PARTNERS
|
Name
: |
Mr. R.Ravichandran |
|
Designation
: |
Partner |
|
Address
: |
VadugapalayamPudur, Vaduga Palayam Post,
Palladam, Coimbatore - 641604, Tamilnadu, India |
|
|
|
|
Name
: |
Mrs.R.Dhanalakshmi |
|
Designation
: |
Partner |
|
Address
: |
VadugapalayamPudur, Vaduga Palayam Post,
Palladam, Coimbatore - 641604, Tamilnadu, India |
KEY EXECUTIVES
|
Name
: |
Mr.
Jai Arun U |
|
Designation
: |
Accounts
Department |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturer of Garments such as men’s wear,
ladies wear, kids wear, shirts, t-shirts, skirts, shorts, pants and trousers,
ladies top, etc. (Confirmed by management) |
|
|
|
|
Products
: |
·
Men’s wear ·
Ladies wear ·
Kids wear ·
Shirts ·
T-Shirts ·
Skirts ·
Shorts ·
Pants ·
Trousers ·
Ladies Top |
|
|
|
|
Brand
Names : |
Not
Available |
|
|
|
|
Agencies
Held : |
Not
Available |
|
|
|
|
Exports
: |
Not
Divulged |
|
|
|
|
Imports
: |
Not
Divulged |
|
|
|
|
Terms
: |
|
|
Selling : |
Depend |
|
|
|
|
Purchasing : |
Depend |
GENERAL INFORMATION
|
Suppliers
: |
|
||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||
|
Customers
: |
Wholesalers,
Retailers, End Users
|
||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||
|
No.
of Employees : |
700
(Approximately) (Including contractual workers) |
||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||
|
Bankers
: |
|
|
Auditors
: |
|
|
Name : |
N, Arun Chartered Accountant |
|
Address: |
No.47, Sarath Complex, 11 Floor, Union Mill Road,
Tirupur-641601,
Tamilnadu, India |
|
Membership No.: |
209212 |
|
|
|
|
Collaborators
: |
Not
Available |
|
|
|
|
Membership
: |
Not
Available |
|
|
|
|
Sister
Concern : |
Not
Available |
CAPITAL STRUCTURE
As on 31.03.2017
|
Capital
Investment : |
|
|
Owned : |
INR191.426 Million
|
|
Borrowed : |
-- |
|
Total : |
INR 191.426
Million |
FINANCIAL DATA
[all figures are
INRMillion]
|
SOURCES OF
FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
EQUITY AND
LIABILITIES |
|
|
|
|
|
1]
Partners Capital |
|
191.426 |
186.173 |
|
|
2]
Share Application Money |
|
0.000 |
0.000 |
|
|
3]
Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4]
(Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
191.426 |
186.173 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
|
69.783 |
69.764 |
|
|
2]
Unsecured Loans |
|
0.803 |
0.000 |
|
|
TOTAL BORROWING |
|
70.586 |
69.764 |
|
|
DEFERRED
TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
262.012 |
255.937 |
|
|
|
|
|
|
|
|
APPLICATION
OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED
ASSETS [Net Block] |
|
41.971 |
21.830 |
|
|
Capital
work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.548 |
0.000 |
|
|
DEFERREX
TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT
ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
146.964 |
164.112 |
|
|
Sundry
Debtors |
|
58.826 |
87.231 |
|
|
Cash
& Bank Balances |
|
16.749 |
0.781 |
|
|
Other
Current Assets |
|
0.207 |
0.000 |
|
|
Loans,Advances
and Deposits |
|
65.615 |
50.321 |
|
Total Current
Assets |
|
288.361
|
302.445
|
|
|
Less : CURRENT LIABILITIES
& PROVISIONS |
|
|
|
|
|
|
Sundry
Creditors |
|
67.421 |
67.413 |
|
|
Other
Current Liabilities |
|
0.000
|
0.000
|
|
|
Provisions |
|
1.447 |
0.925 |
|
Total Current
Liabilities |
|
68.868
|
68.338
|
|
|
Net Current Assets |
|
219.493 |
234.107 |
|
|
|
|
|
|
|
|
MISCELLANEOUS
EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
262.012 |
255.937 |
|
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2017 |
|
|
SALES |
|
|
|
|
|
Income |
|
|
420.868 |
|
|
Other Income |
|
|
1.562 |
|
|
TOTAL |
|
|
422.430 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
|
196.009 |
|
|
Direct Expenses |
|
|
147.669 |
|
|
Indirect Expenses |
|
|
66.730 |
|
|
TOTAL |
|
|
410.408 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
|
12.022 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
4.481 |
|
|
|
|
|
|
|
|
NET PROFIT/ (LOSS) |
|
|
7.541 |
|
|
PARTICULARS |
|
|
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
|
484.250 |
|
|
Other Income |
|
|
0.651 |
|
|
TOTAL |
|
|
484.901 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
|
226.773 |
|
|
Direct Expenses |
|
|
181.098 |
|
|
Indirect Expenses |
|
|
50.685 |
|
|
TOTAL |
|
|
458.556 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
|
26.345 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
|
10.011 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
|
16.334 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
2.192 |
|
|
|
|
|
|
|
|
NET PROFIT/ (LOSS) |
|
|
14.142 |
Expected Sales (2017-2018): INR 450.000 Million
The above information has been parted by Mr. Jai Arun U (Accounts
Department)
Note: Sole Proprietary and Partnership concerns are
exempted from filing their financials with the Government Authorities or Registry
Records
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
Average
Collection Days (Sundry Debtors / Income * 365 Days) |
|
51.02 |
65.75 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
|
7.15 |
5.55 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors /
Purchases * 365 Days) |
|
125.55 |
108.50 |
|
|
|
|
|
|
Inventory Turnover (Operating Income /
Inventories) |
|
0.08 |
0.16 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net
Fixed Assets) |
|
0.29 |
1.21 |
LEVERAGE RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
Debt
Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
|
0.42 |
0.43 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability /
Networth) |
|
0.37 |
0.37 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities /
Net Worth) |
|
0.36 |
0.37 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets /
Networth) |
|
0.22 |
0.12 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
|
NA |
2.83 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
|
31.03.2017 |
31.03.2016 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
|
1.79 |
2.92 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) *
100) |
% |
|
2.28 |
4.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) *
100) |
% |
|
3.94 |
7.60 |
SOLVENCY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
Current
Ratio (Current Assets / Current Liabilities) |
|
4.14 |
4.43 |
|
|
|
|
|
|
Quick Ratio ((Current Assets –
Inventories) / Current Liabilities) |
|
2.03 |
2.02 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
|
0.58 |
0.57 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
|
0.37 |
0.37 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets /
Total Current Liabilities) |
|
4.14 |
4.43 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
|
31.03.2016 |
31.03.2017 |
|
|
|
INR In Million |
INR In Million |
|
Partners’ Capital |
|
186.173 |
191.426 |
|
Reserves & Surplus |
|
0.000 |
0.000 |
|
Net worth |
|
186.173 |
191.426 |
|
|
|
|
|
|
Secured Loan |
|
69.764 |
69.783 |
|
Unsecured Loan |
|
0.000 |
0.803 |
|
Total borrowings |
|
69.764 |
70.586 |
|
Debt/Equity ratio |
|
0.375 |
0.369 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
|
31.03.2016 |
31.03.2017 |
|
|
|
INR In Million |
INR In Million |
|
Sales |
|
484.250 |
420.868 |
|
|
|
|
(13.089) |
NET PROFIT MARGIN
|
Net Profit Margin |
|
31.03.2016 |
31.03.2017 |
|
|
|
INR In Million |
INR In Million |
|
Sales |
|
484.250 |
420.868 |
|
Profit |
|
14.142 |
7.541 |
|
|
|
2.92% |
1.79% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by info agents |
Available in Report
(Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
26 |
Turnover of firm for last two years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
Yes |
|
29 |
Profitability for last two years |
Yes |
|
30 |
Major shareholders, if available |
No |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter involved
in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US
Dollar |
1 |
INR
64.28 |
|
|
1 |
INR
89.02 |
|
Euro |
1 |
INR
78.93 |
INFORMATION DETAILS
|
Information Gathered by : |
SAV
|
|
|
|
|
Analysis Done by : |
DIV
|
|
|
|
|
Report Prepared by : |
RKI |
SCORE FACTORS
|
DEMERIT
POINTS |
|
|
|
--BANK
CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER
ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT
POINTS |
|
|
|
--SOLE
DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT
ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low risk
of default |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.